UPDATE: Credit Suisse Cuts PT to $67 on Yum! Brands as Valuation Resets
Credit Suisse maintained Yum! Brands (NYSE: YUM) with an Outperform rating and lowered the price target from $77.00 to $67.00.
Credit Suisse noted, "After a significant reduction in 2013 guidance, shares already bounced off the lows. (commentary that the company expected a strong recovery in 2014 appears to have helped.) With the bar reset lower, and the chance for a positive intra-quarter data point on China comps, some investors appear comfortable that guidance is now conservative and the worst is behind us. YUM loses a year of the growth story, but ests and the multiple can recover from here. This is our base case, with our price target falling to $67 from $77."
Yum! Brands closed at $62.08 on Tuesday.
Latest Ratings for YUM
|Oct 2016||Credit Suisse||Upgrades||Neutral||Outperform|
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